|
Getting your Trinity Audio player ready...
|
Key Takeaways:
- Retail interest in Solana is surging, with wallet addresses hitting record highs.
- Derivatives markets are overwhelmingly bullish, signaling strong trader confidence.
- Technical patterns point to a breakout, with key targets set at $181, $204, and $244.
Solana [SOL] saw a minor decline of 2.61% on July 1, momentarily trimming its weekly gains. However, behind the brief dip lies a trove of bullish data—growing wallet activity, sustained accumulation, and rising futures volume—all of which point toward a potential breakout.
Record Number of SOL Wallets Reflects Retail Confidence
As of June 28, the number of Solana addresses holding at least 0.1 SOL hit an all-time high of 11.44 million, according to data from Glassnode. This surge came just as SOL’s price peaked near $150.76, suggesting that small holders are increasingly confident in the asset’s future trajectory.
This retail momentum mirrors broader accumulation patterns. Data from CryptoQuant and CoinGlass show continuous net outflows from centralized exchanges, with $525.32 million leaving platforms as of July 1. If this trend persists, it could trigger a supply squeeze, potentially setting the stage for a price rally.
Futures and Options Markets Turn Decisively Bullish
SOL’s bullish fundamentals were echoed in derivatives markets. According to CoinGlass, SOL Futures Volume surged by 88.74%, reaching $20.24 billion, while Futures Open Interest increased by 4.14% to $7.22 billion.
The options market followed suit—Options Volume rose 37.27%, and Options Open Interest climbed 17.76%. The Taker Buy/Sell Ratio across major exchanges also leaned bullish: Binance reported a ratio of 1.9842, and OKX came in at 2.16, indicating that buyers are in control.
Technical Patterns Suggest Imminent Breakout
According to technical analysis from AMBCrypto, SOL is currently trading within a bullish triangle pattern and has already breached its immediate resistance. If support at $144.87 or $139.88 holds, SOL could retest the $184.88 level—a 27% potential upside.
Also Read: Solana Gains Momentum After REX-Osprey Staked Crypto ETF Gets SEC Green Light
In the medium term, Solana remains locked in a broader bullish structure but has yet to decisively break through its descending resistance. A successful breakout here could push SOL toward $181.46, $203.98, and even $244.00, according to TradingView data.
Despite the short-term pullback, Solana’s underlying market signals suggest a bullish setup is forming. From retail accumulation and record wallet numbers to bullish futures activity and technical breakouts, SOL could be preparing for a significant move upward.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
